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Product development revenues up 5% in the quarter
August 1, 2013
By: Tim Wright
Quintiles 2Q Revenues: $1.3 billion (+5%) 2Q Earnings: $38.4 million (-18%) YTD Revenues: $2.5 billion (+6%) YTD Earnings: $86.6 million (-4%) Comments: Service revenues were flat at $944.2 million due to an unfavorable foreign currency impact of 2%. Product Development service revenues grew 5% to $724.2 million due to an increase in clinical services and partially offset by a decline in consulting services. Integrated Healthcare Services revenues declined 13% to $220.0 million impacted by foreign exchange. New business wins were $1.0 billion in the quarter, up 13%, with a backlog of $9.0 billion.
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